Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

O Required information The following information applies to the questions displayed below) Gabi Gram started The Gram Co., a new business that began operations on

image text in transcribed
image text in transcribed
O Required information The following information applies to the questions displayed below) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co, completed the following transactions during its first month of operations. May 1 G. Gram invested $40,000 cash in the company. 1 The company rented a furnished office and paid $2,100 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,600 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $760 cash for an assistant's salary for the first half of this month. 20 The company received $2,700 cash payment for the services provided on May 12. 22 The company provided $3,900 of consulting services on credit. 25 The company received $3,900 cash payment for the services provided on May 22. 26 The company paid $1,920 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $760 cash for an assistant's salary for the second half of this month. 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $290 cash for this month's utilities. 31 G. Gram withdrew $1,500 cash from the company for personal use. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction (Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" if the transaction does not include an expense.) Assets Accounts Receivable Date Liabilities Accounts Payable Cash Office Equipment + Equity G. Gram, Withdrawals G. Gram, Capital Revenues Expenses Account Titles for Expenses May 1 + 1 4 + 3 + 5 + + + 4 + + + + 8 12 15 20 22 25 26 27 28 30 30 31 + + + + ++++ = III S 0 + $ 0 + $ 0 $ 0 + $ 0 $ 0 $ 0 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Fundamental Principles Of Finance

Authors: Robert Irons

1st Edition

1138477524, 9781138477520

More Books

Students also viewed these Accounting questions

Question

What methods do communication scholars use to conduct research?

Answered: 1 week ago